As the first week of September comes to a close in the stock market the Dow Jones Industrial Average and the Standard and Poors 500 declined as the Nasdaq Composite Index advanced slightly higher to the upside.
There was a very weak jobs report at the end of the week that did not help to push the market any higher as the Labor Department reported that there were no jobs added. Economist were expecting an increase of 70,000 jobs but got no jobs.
At the end of the trading day on Friday the Nasdaq tumbled 2.6% due to the weak job numbers, followed by the S&P 500 falling 2.5% as the Dow Jones Industrial Average fell 2.2%. As for now the market remains in correction.
The price of gold, silver and oil also moved higher to end the week as the market continued its decline. The gold index ended the week trading at $1,886.40 per ounce up $55.60 or +3.04%, silver ended the week trading at $43.26 per ounce up $1.53 or +3.68% and oil ended the week trading at $86.67 per barrel up $1.12 or +1.31%.
The top stocks that moved higher this week were (XPO) Express-1 Expedited Solutions +303%, (MCOX) Mecox Lane Limited +65.52%, (MILL) Miller Petroleum +46.26%, (CLGX) Corelogic +35.63%, and (MITK) Mitek Systems +35.63%.
The top industry indexes that moved higher despite the downside pressure of the market were the Philadelphia Gold and Silver Index +3.17%, Airlines +1.94%, Internet +1.56%, Natural Gas +1.50%, and the Commodity Related Equity Index +1.32%.
The Dow Jones Industrial Average began the week trading at 11,286.65 and pulled back to a low at 11,211.35 before ending the week slightly higher. As for now downside support is in the 10,704.75 area with upside resistance at 12,876.10.
The index has been moving lower for 5 of the past 6 weeks. In order for the Dow Jones Industrial Average to move higher to the upside the index must break above 11,716.95. As for now the index remains below its 10, 32, and 50 week moving averages but above its 5, and 200 week moving averages.
The top percentage gainers in the Dow 30 this week were (MSFT) Microsoft Corp. +2.18%, (KO) Coca Cola Co. +1.81%, (AA) Alcoa, Inc. +1.52%, (DD) DuPont Co. +1.45%, and (GE) General Electric Co. +1.42%.
The Dow Jones Industrial Average ended the week trading at 11,240.26 down -44.28 points or -0.39% on lighter than average weekly downside volume of 4.34 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.42 billion.
At the tech weighed Nasdaq Composite Index there was a slight move to the upside to end the week. The Nasdaq began the week trading at 2,510.99 and pulled back to a low in the 2,469.35 area before ending the week trading slightly higher on the upside.
The Nasdaq has been on the upside for the past 2 trading weeks and may continue higher in the week ahead. As for now the index will need to break above the 2,611.70 area in order to advance higher to the upside.
As for now the index is currently above its 5 and 200 week moving averages but below its 10, 32, and 50 week moving averages. Downside support for the Nasdaq is at 2,245.90 with upside resistance at 2,887.85.
The top percentage gainers in the Nasdaq 100 this week were (DISH) EchoStar Communications Corp. +9.26%, (AMZN) Amazon.com, Inc. +5.38%, (WYNN) Wynn Resorts Ltd. +5.38%, (PCLN) Priceline.com, Inc. +4.91%, and (JOYG) Joy Global, Inc. +4.75%.
The Nasdaq Composite Index ended the week trading at 2,480.33 up +0.48 points or +0.02% on lighter than average upside volume of 8.79 billion. The average weekly trading volume for the tech weighed index is 10.25 billion.
As for the Standard and Poors 500 index there was a decline in the index despite the move higher the week prior. The S&P 500 has been moving lower for 5 of the past 6 weeks and will need to break above the 1,230.82 area in order to move higher to the upside. The index remains above its 5 and 200 week moving averages but below its 10, 32, and its 50 week moving averages. Downside support is at 1,101.40 with upside resistance at 1,370.70.
The top price advancers in the S&P 500 this week were (MWW) Monster Worldwide, Inc. +15.50%, (JDSU) JDS Uniphase Corp. +14.21%, (EK) Eastman Kodak Co. +12.89%, (API) Advanced Photonix, Inc. +11.11%, and (SVU) Supervalu, Inc. +9.84%.
As the week came to and end the S&P 500 ended the week trading at 1,173.97 down -2.83 points or -0.24% on lighter than average downside trading volume of 15.50 billion. The average weekly trading volume for the S&P 500 is 17.06 billion.
By: Marlin Rolle
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